A nonprofit organization, Hispanic Organization of Mortgage Experts (HOME), has launched an artificial intelligence (AI) platform built on ChatGPT to help Hispanic homebuyers overcome mortgage barriers. The platform enables loan officers to quickly search requirements from over 150 lenders, streamlining the mortgage application process, particularly for those with non-traditional income or documents.
The platform provides bilingual support in both English and Spanish, helping to bridge the language gap for Hispanic homebuyers. It also enables loan officers to see requirements in one place, narrow down the list, and streamline applications, making the process faster and more efficient. This is particularly beneficial for cases involving borrowers without a Social Security number, little to no credit history, or those in the US on a visa.
The AI platform is designed to demystify home loans and make the process more accessible to Hispanic homebuyers. AI-powered tools like Betsy, a voice-based assistant, can interact with customers in a supportive and non-judgmental way, helping to improve financial literacy. The platform also helps loan officers find the best lender for a potential homeowner's specific situation, explaining the process clearly and navigating residency, visa, or income requirements.
While the platform offers many benefits, mortgage experts acknowledge that AI creates new risks, and families rely on accurate answers about loans, immigration status, and credit requirements. To mitigate these risks, the platform's creators emphasize the importance of human professionalism and constant tweaking to ensure accuracy. By combining the power of AI with human oversight, the platform aims to provide a more efficient and accessible mortgage application process for Hispanic homebuyers.
